The initial lift in users that Snap saw from coronavirus lockdowns "dissipated faster than we anticipated as shelter in place conditions persisted."
“At this point, we must acknowledge the turnaround in [the Snapchat maker's] underlying operating trends," one analyst says.
While Snap's financials improved slightly during Tim Stone's short tenure, the company's share price continued to ebb.
Drew Vollero helped guide Snapchat's parent through its IPO. But struggles with lackluster user growth and earnings marred his tenure.
The reality TV star said she's stopped using Snapchat but it's unclear that she single-handedly wiped more than $1 billion off Snap's market value.
Unless your company is big, profitable, and a category leader, the wisest choice may be to wait.
Blue Apron listing is seen as a test for consumer offerings.
The 45% gain in the company's share price on its market debut suggests "investor sentiment is positive for such enterprise software offerings."
Some analysts are skeptical about Snapchat's parent, pointing to its “aggressive competition” and a “core user base that is not growing by much."
The exchange is hoping to avoid technical glitches ahead of the long-awaited unicorn offering.
Snapchat's parent reported revenue soared to $404 million last year but user growth slowed to 5% in the last three months of 2016.
With a possible IPO on the horizon, the social media app is closing in on a target of $650 million in new venture capital financing.
